Top 250+ Solved Managerial Economics 1 MCQ Questions Answer
Q. …………a statement in the form of a table that shows the different quantities of a commoditythat a firm or a producer offers for sale in the market at different prices.
a. supply schedule
b. production schedule
c. demand schedule
d. price schedule
Q. ……….. a schedule that depicts the supply by an individual firm or producer of a commodityin relation to its price
a. market price schedule
b. market supply schedule
c. individual supply schedule
d. none of them
Q. …………… is the degree of responsiveness of supply to changes in the price of a good
a. elasticity of demand
b. elasticity of supply
c. both (a) & (b)
d. none of them
Q. Business Economics is also known as………….
a. managerial economics
b. economics for executives
c. economic analysis for business decisions
d. all the above
Q. An input should be so allocated that the value added by the last unit is the same in allcases.
a. opportunity cost principle
b. equi-marginal principle
c. incremental principle
d. discounting principle
Q. The principle reasons behind economic problems
a. unlimited wants
b. limited or scarce of means
c. alternatives uses of means
d. all of the above
Q. Managerial utility function is expressed as:
a. u = s (s, m, i)
b. u = s (s, m)
c. u = f (s, m, i)
d. u = f (s, m, i)
Q. The value of an entrepreneur’s resources that she uses in production are known as:
a. explicit costs.
b. sunk costs.
c. operating expenses.
d. implicit costs.
Q. Inflation is:
a. a decrease in the overall level of economic activity.
b. an increase in the overall level of economic activity.
c. an increase in the overall price level.
d. a decrease in the overall price level.
Q. A recession is:
a. a period of declining unemployment.
b. a period of declining prices
c. a period during which aggregate output declines
d. a period of very rapidly declining prices.
Q. Opportunity cost means
a. the accounting cost minus the marginal benefit.
b. the highest-valued alternative forgone.
c. the monetary costs of an activity.
d. the accounting cost minus the marginal cost
Q. ______ is economic theory used in business whereas ______ is economics theory usedin business and non-business organization
a. micro economics, macro economics
b. business economics, managerial economics
c. positive economics and normative economics
d. none of these
Q. Managerial economics is also called
a. micro economics
b. theory of the firm
c. economics of the firm
d. all of the above.
Q. In economics, desire backed by purchasing power is known as
a. utility
b. demand
c. consumption
d. scarcity